G-sec Market: The benchmark 10-year security 6.05% GOI 2019 opened at Rs93.00 implying a yield of 7.05% higher than previous close of 6.96%.
The market sentiment is expected to be bearish as RBI announced lower amount under OMO worth Rs6000 crore compared to G-Sec auction worth Rs12,000 crore.
The G-Sec and OMO auctions are to be held on 8 April 2009 and 9 April 2009 respectively. Under G-sec auction, the securities on offer are 6.05% GOI 2019 (FEB) for Rs8000 crore and 7.50% GOI 2034 for Rs4,000 crore.
Under OMO, RBI would purchase 5 securities using the uniform pricing method and there is no security wise specified amount. The G-sec yields are likely to be rangebound between 6.90% - 7.05%.
Money Market: The Call rate and CBLO rate opened at 3.80% and 3.00% respectively. The money market rates are expected to ease tracking adequate liquidity in the system.
Swap Market: The 5Y OIS swap rate opened at 5.53% higher than previous close of 5.47%. The OIS swap rates are expected to trade rangebound tracking the movement in G-sec yields.
Forex Market: The INR appreciated at opening at Rs50.05 against the USD compared to previous closing level of Rs50.36. It is expected to trade in the range of 49.85 - 50.30.